Ideally I'd move into it, then rent it out later on.I've saved up another $150K or so in cash, which I had intended to use to buy another property. 

So refinance and term loan are not ideal products for me at the moment.

I'm a developer with ground up projects in the $20m-$40m range as well as multifamily acquisitions. 

You first have to have a good BP, maybe approved architect plans, and ideally an offering memorandum.

Provided you use a minimum down payment and qualify for a owner occupied mortgage this would be the ideal approach.

I tend to think $150K - $200K is the sweet spot where the cash flow is ideal and you can avoid some of the riff raff. 

If I can buy a property in and around LA area (or even 2-3 hrs driving distance) and then both live there (im single, so very basic needs) and use 75% of the property for short term rental/airbnb etc, that would be ideal.

So we decided in lieu of selling our house we'd rent it.It was kind of a hybrid situation with the PM - we'd spent some time developing a relationship - she managed a large 200-300 unit apartment complex and was the head PM there - she was familiar with the tenant as he'd rented at her apt complex for 2-3 years with no problems. 

In such a short amount of time I've developed a passion for the business and love spending every chance I get to learn.

Personally, i spent a bit more to be in class "B" neighborhoods where even though the cash flow isn't as ideal, the peace of mind is worth it.